I nyhederne

Nov 15,2018Af Michael Klimes

Less than two in five advisers are confident in their ability to discuss crypto-assets with clients due to widespread scepticism of them, research suggests. A study commissioned by the global investment platform eToro surveyed the attitudes of more than 200 financial advisers towards crypto-assets. The study shows nearly three quarters, or 74 per cent, of respondents say price volatility is their top concern and the main investment risk for clients.

Social trading platform eToro has finally begun rolling out its cryptocurrency wallet to Android and iOS users. The wallet, which promises an intuitive customer interface and enhanced security, is now available on Google Play and Apple’s App Store. At launch, the app will support only Bitcoin, Bitcoin Cash, Ethereum, and Litecoin; however, eToro plans to add support for more cryptocurrencies in the near future. There is a little catch though: to ensure a smooth customer experience, eToro is releasing the wallet only to select users and countries. So if you can’t find the app on Google Play or the App Store, you might have to wait a little longer.

There is a "significant" gap between investor appetite for advice on cryptoassets and the financial advice profession's ability to provide it, research has found. The research by investment platform Etoro found 38 per cent of investors who currently seek financial advice about pensions and investments would also go to an IFA for advice on cryptocurrencies but more than six in 10 (62 per cent) advisers admitted a total lack of confidence on this subject. A majority (63 per cent) of financial advisers said they had been asked about cryptocurrencies by clients but only 9 per cent felt highly confident providing advice on this.

A decade ago this Wednesday, just weeks after the collapse of Lehman Brothers and the start of the financial crisis, an anonymous figure published the famous essay – “Bitcoin: a peer-to-peer electronic cash system”. Bitcoin’s mysterious creator, known under the pseudonym Satoshi Nakamoto, has to this day never been unmasked, but his invention has since found global fame. Bitcoin was created to address the fact that “no mechanism exists to make payments over a communications channel without a trusted party”. It sought to revolutionise the way we make payments and remove the need for a middle-man, in the form of banks and financial institutions.

eToro announced partnerships with seven Premier League clubs earlier this season, including former champions Leicester City, and Tottenham Hotspur. Each club is receiving sponsorship monies in bitcoin, in return for promoting the platform. The clubs have also been eager to explore the benefits that blockchain technologies can bring them, according to Gandham. These might include authenticating merchandise, reducing ticket touting, and even buying new players.

Cryptocurrencies rallied as optimism spread surrounding Ripple Labs Inc.’s plans for using a digital coin, lifting peers that have lost more than $600 billion of value since January. XRP, the cryptocurrency commonly referred to as Ripple, jumped as much as 50 percent to double its price from a week ago. XRP surpassed Ether as the second-biggest cryptocurrency on the surge, according to CoinMarketCap.com data. The Bloomberg Galaxy Crypto Index increased 15 percent, heading for its biggest one-day gain since mid-July. Ether and Litecoin were both up more than 8.5 percent and Bitcoin, the biggest by market value, rose 5.4 percent.

Last week, Finance Magnates reported on social trading and investing platform eToro’s historic partnership with seven Premier League football teams. The sponsorship agreement is not only significant because of its size (an estimated £4-5 million), but also because of the fact that the teams will all be paid in Bitcoin. More specifically, eToro has partnered with #5 team Tottenham Hotspur, as well as Brighton & Hove Albion, Cardiff City, Crystal Palace, Leicester City, Newcastle United, and Southampton.

For years, cross-border payment processes have been a functional, yet flawed, aspect of global commerce. In fact, while globalization has strengthened interconnectivity worldwide, actions as simple as currency exchanges or wire transfers are still considered to be a costly and time-intensive undertaking. To put it simply: As the general public becomes frustrated with the status quo, traditional cross-border payments will soon be a thing of a past. In preparing for the road ahead, international corporations have begun experimenting with advancements in cryptocurrency in an effort to bring the immutability and efficiency of blockchain technology to the forefront of the global commercial ecosystem.

Premier League football bosses will soon be paying for the best players in bitcoins, it was claimed on Monday night, after seven top-flight clubs launched cryptocurrency trials. Tottenham Hotspur, Leicester City, Newcastle United, Southampton, Cardiff City, Brighton and Crystal Palace have agreed to set up digital wallets with an online trading platform which says it is in "no doubt" the currency will eventually replace sterling in the multi-billion pound transfer industry.

eToro has just announced the on-boarding of a new resident cybersecurity expert. His name is Buky Carmelli, and he’s an ex-officer in the Israeli Defence Forces’ elite tech units. With over 30 years of experience in leading large research and technological development teams, the new addition to eToro’s team comes at a critical time for the firm.